Image sharing website Pinterest files for IPO

Technology

FILE PHOTO: A Pinterest banner hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2017. REUTERS/Brendan McDermid

(Reuters) – Pinterest Inc, the owner of the image search website known for the food and fashion photos that its users post, filed for an initial public offering with U.S. regulators on Friday, looking to tap into a red-hot market for new stock offerings.

The company, which plans to list under the symbol “PINS” on the New York Stock Exchange, set a placeholder amount of $100 million to indicate the size of the IPO. The final size will change. Reuters previously reported it could raise up to $1.5 billion in the IPO.

The filing comes a day after jeans maker Levi Strauss & Co’s blockbuster debut, and ahead of ride-hailing service providers Lyft Inc and Uber’s much-awaited listings.

Pinterest said its annual revenue in 2018 was $755.9 million, up 60 percent compared to 2017. It reported a net loss of $62.97 million, up from a net loss of $130 million a year earlier.

Pinterest was valued at $12 billion in its last fundraising round in 2017. The company said in the filing on Friday that it reaches more than 250 million monthly active users, two thirds of whom are female.

Goldman Sachs and JP Morgan are the lead underwriters on the IPO.

Reporting by Diptendu Lahiri in Bengaluru and Liana B. Baker in New York; Editing by Sriraj Kalluvila

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